RNS Number : 9336L

Citadel Group

17 December 2025

Ap27

FORM 8.3

IRISH TAKEOVER PANEL

OPENING POSITION DISCLOSURE/DEALING DISCLOSURE UNDER RULE 8.3 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER

RULES, 2022 BY PERSONS WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

1.             KEY INFORMATION

(a)   Full name of discloser	Citadel Group
(b)   Owner or controller of interests and short positions disclosed, if different from 1(a) The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.	N/A
(c)   Name of offeror/offeree in relation to whose relevant securities this form relates Use a separate form for each offeror/offeree	AVADEL PHARMACEUTICALS PLC
(d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree (Note 1)	N/A
(e)   Date position held/dealing undertaken For an opening position disclosure, state the latest practicable date prior to the disclosure	16 December 2025
(f)    In addition to the company in 1(c) above, is the discloser also making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A"	N/A

2.             INTERESTS AND SHORT POSITIONS

If there are interests and short positions to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2 for each additional class of relevant security.

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Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

(Note 2)

Class of relevant security (Note 3)	Common Stock ISIN IE00BDGMC594 $0.01 ordinary shares
	Interests		Short positions
	Number	%	Number	%
(1)   Relevant securities owned and/or controlled	924,604	0.94	209,053	0.21
(2)   Cash-settled derivatives	0	0.00	0	0.00
(3)   Stock-settled derivatives (including options) and agreements to purchase/ sell	254,900	0.25	783,900	0.79
Total	1,179,504	1.20	992,953	1.01

All interests and all short positions should be disclosed.

Details of options including rights to subscribe for new securities and any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8.

3.             DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE (Note 4)

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)           Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit (Note 5)
Common	Buy Transaction	2	21.3600 USD
Common	Buy Transaction	2,449	21.3623 USD
Common	Buy Transaction	32	21.3650 USD
Common	Buy Transaction	5,076	21.3691 USD
Common	Buy Transaction	65	21.3696 USD
Common	Buy Transaction	8,999	21.3700 USD
Common	Buy Transaction	446	21.3701 USD
Common	Buy Transaction	1,824	21.3710 USD
Common	Buy Transaction	573	21.3712 USD
Common	Buy Transaction	469	21.3713 USD
Common	Buy Transaction	442	21.3717 USD
Common	Buy Transaction	196	21.3724 USD
Common	Buy Transaction	785	21.3729 USD
Common	Buy Transaction	831	21.3731 USD
Common	Buy Transaction	9	21.3733 USD
Common	Buy Transaction	1,400	21.3743 USD
Common	Buy Transaction	608	21.3750 USD
Common	Buy Transaction	102	21.3751 USD
Common	Buy Transaction	67	21.3752 USD
Common	Buy Transaction	665	21.3752 USD
Common	Buy Transaction	556	21.3754 USD
Common	Buy Transaction	1,334	21.3755 USD
Common	Buy Transaction	389	21.3761 USD
Common	Buy Transaction	183	21.3762 USD
Common	Buy Transaction	257	21.3764 USD
Common	Buy Transaction	6,551	21.3765 USD
Common	Buy Transaction	50	21.3766 USD
Common	Buy Transaction	152	21.3766 USD
Common	Buy Transaction	249	21.3772 USD
Common	Buy Transaction	3,990	21.3773 USD
Common	Buy Transaction	18	21.3778 USD
Common	Buy Transaction	1,064	21.3782 USD
Common	Buy Transaction	391	21.3783 USD
Common	Buy Transaction	600	21.3783 USD
Common	Buy Transaction	720	21.3786 USD
Common	Buy Transaction	565	21.3791 USD
Common	Buy Transaction	391	21.3794 USD
Common	Buy Transaction	12,338	21.3797 USD
Common	Buy Transaction	2,177	21.3797 USD
Common	Buy Transaction	3,669	21.3800 USD
Common	Buy Transaction	136	21.3816 USD
Common	Buy Transaction	235	21.3826 USD
Common	Buy Transaction	30	21.3830 USD
Common	Buy Transaction	145	21.3843 USD
Common	Buy Transaction	14	21.3850 USD
Common	Buy Transaction	39	21.3851 USD
Common	Buy Transaction	39	21.3854 USD
Common	Buy Transaction	199	21.3860 USD
Common	Buy Transaction	282	21.3865 USD
Common	Buy Transaction	115	21.3870 USD
Common	Buy Transaction	6,362	21.3900 USD
Common	Buy Transaction	1,000	21.3910 USD
Common	Buy Transaction	607	21.3971 USD
Common	Buy Transaction	300	21.4033 USD
Common	Buy Transaction	1,200	21.4174 USD
Common	Sell Transaction	148	21.3600 USD
Common	Sell Transaction	18	21.3650 USD
Common	Sell Transaction	148	21.3685 USD
Common	Sell Transaction	616	21.3697 USD
Common	Sell Transaction	4,906	21.3700 USD
Common	Sell Transaction	14,915	21.3700 USD
Common	Sell Transaction	3,800	21.3703 USD
Common	Sell Transaction	1,600	21.3712 USD
Common	Sell Transaction	7	21.3729 USD
Common	Sell Transaction	1,083	21.3733 USD
Common	Sell Transaction	3	21.3733 USD
Common	Sell Transaction	22	21.3734 USD
Common	Sell Transaction	1,023	21.3736 USD
Common	Sell Transaction	900	21.3750 USD
Common	Sell Transaction	901	21.3750 USD
Common	Sell Transaction	605	21.3750 USD
Common	Sell Transaction	93	21.3751 USD
Common	Sell Transaction	15	21.3767 USD
Common	Sell Transaction	13	21.3769 USD
Common	Sell Transaction	1,000	21.3780 USD
Common	Sell Transaction	112	21.3785 USD
Common	Sell Transaction	9,008	21.3790 USD
Common	Sell Transaction	1,399	21.3791 USD
Common	Sell Transaction	8,231	21.3799 USD
Common	Sell Transaction	4,395	21.3799 USD
Common	Sell Transaction	9,547	21.3799 USD
Common	Sell Transaction	76	21.3800 USD
Common	Sell Transaction	2,685	21.3810 USD
Common	Sell Transaction	2,076	21.3812 USD
Common	Sell Transaction	219	21.3837 USD
Common	Sell Transaction	279	21.3846 USD
Common	Sell Transaction	580	21.3886 USD
Common	Sell Transaction	1,614	21.3900 USD
Common	Sell Transaction	1,633	21.3994 USD
Common	Sell Transaction	890	21.4000 USD
Common	Sell Transaction	2	21.4050 USD
Common	Sell Transaction	172	21.4100 USD
Common	Sell Transaction	24	21.4233 USD

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(b)           Cash-settled derivative transactions

Class of
relevant
security Product
description
e.g. CFD Nature of dealing
e.g. opening/ closing a long/ short position, increasing/ reducing a long/ short position Number of
reference
securities
(Note 6) Price
per unit
(Note 5)

(c)           Stock-settled derivative transactions (including options)

(i)            Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates (Note 6)	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
Common	Call Option	Buy Transaction	2,900	20.0000 USD	American	2025-12-19	1.3500 USD
Common	Call Option	Buy Transaction	10,000	17.5000 USD	American	2025-12-19	3.8000 USD
Common	Call Option	Sell Transaction	700	22.5000 USD	American	2025-12-19	0.0500 USD
Common	Call Option	Sell Transaction	7,400	22.5000 USD	American	2026-03-20	0.1000 USD
Common	Call Option	Sell Transaction	500	22.5000 USD	American	2027-01-15	0.1400 USD

(ii)           Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit (Note 5)
Common	Call Option	Exercised against	2,400	12.5000 USD

(d)           Other dealings (including transactions in respect of new securities) (Note 3)

Class of
relevant
security Nature of dealing
e.g. subscription,
conversion, exercise Details Price per unit (if
applicable)
(Note 5)

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4.             OTHER INFORMATION

(a)           Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer.

Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"

 None

(b)           Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.

 None

(c)           Attachments

Is a Supplemental Form 8 attached? YES

Date of disclosure	17 December 2025
Contact name	Paula Santos
Telephone number	020 7645 9700

Public disclosures under Rule 8.3 of the Rules must be made to a Regulatory Information Service.

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SUPPLEMENTAL FORM 8

IRISH TAKEOVER PANEL

DISCLOSURE UNDER RULE 8.1, RULE 8.3, RULE 38.5(b) AND
RULE 38.6 OF THE IRISH TAKEOVER PANEL ACT, 1997,
TAKEOVER RULES, 2022

DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING
OPTION) POSITIONS, AGREEMENTS TO PURCHASE OR SELL AND
RIGHTS TO SUBSCRIBE FOR NEW SECURITIES

1.             KEY INFORMATION

Full name of person making disclosure:	Citadel Group
Name of offeror/offeree in relation to whose relevant securities the disclosure relates:	AVADEL PHARMACEUTICALS PLC

2.             STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS)

Class of relevant security	Product description e.g. call option	Written or purchased	Number of securities to which option or derivative relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date
Common	Put Option	Purchased	0	10.0 USD	American	20/03/2026
Common	Put Option	Purchased	-900	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-200	17.5 USD	American	20/03/2026
Common	Put Option	Purchased	-3,800	15.0 USD	American	20/03/2026
Common	Put Option	Purchased	-4,700	15.0 USD	American	19/12/2025
Common	Put Option	Purchased	0	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	15,900	22.5 USD	American	20/03/2026
Common	Call Option	Purchased	0	25.0 USD	American	20/03/2026
Common	Call Option	Purchased	2,200	20.0 USD	American	18/06/2026
Common	Call Option	Purchased	0	5.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	7.5 USD	American	20/03/2026
Common	Call Option	Purchased	5,600	12.5 USD	American	15/01/2027
Common	Call Option	Purchased	0	25.0 USD	American	15/01/2027
Common	Call Option	Purchased	4,200	17.5 USD	American	16/01/2026
Common	Put Option	Purchased	-60,700	15.0 USD	American	16/01/2026
Common	Put Option	Purchased	-1,000	17.5 USD	American	18/06/2026
Common	Call Option	Purchased	4,500	22.5 USD	American	15/01/2027
Common	Call Option	Purchased	82,900	20.0 USD	American	19/12/2025
Common	Call Option	Purchased	5,100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-100	15.0 USD	American	15/01/2027
Common	Put Option	Purchased	-44,400	10.0 USD	American	16/01/2026
Common	Put Option	Purchased	-2,900	7.5 USD	American	19/12/2025
Common	Put Option	Purchased	-100	20.0 USD	American	18/06/2026
Common	Put Option	Purchased	-3,000	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-100	20.0 USD	American	15/01/2027
Common	Call Option	Sold	-10,000	17.5 USD	American	20/03/2026
Common	Call Option	Sold	-7,500	7.5 USD	American	15/01/2027
Common	Put Option	Sold	8,200	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-46,200	20.0 USD	American	16/01/2026
Common	Call Option	Sold	-5,100	10.0 USD	American	19/12/2025
Common	Call Option	Sold	-38,000	15.0 USD	American	19/12/2025
Common	Put Option	Sold	2,000	17.5 USD	American	19/12/2025
Common	Call Option	Sold	-179,300	10.0 USD	American	16/01/2026
Common	Call Option	Sold	-63,500	12.5 USD	American	16/01/2026
Common	Put Option	Sold	59,000	5.0 USD	American	16/01/2026
Common	Call Option	Sold	-147,900	15.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	30.0 USD	American	19/12/2025
Common	Call Option	Sold	-100	35.0 USD	American	16/01/2026
Common	Call Option	Sold	-2,100	12.5 USD	American	20/03/2026
Common	Call Option	Sold	-4,800	17.5 USD	American	15/01/2027
Common	Call Option	Sold	-1,700	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-6,200	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-30,000	15.0 USD	American	20/03/2026
Common	Put Option	Sold	300	20.0 USD	American	20/03/2026
Common	Call Option	Sold	-5,600	22.5 USD	American	19/12/2025
Common	Put Option	Sold	27,700	20.0 USD	American	19/12/2025
Common	Put Option	Sold	5,500	12.5 USD	American	16/01/2026
Common	Call Option	Sold	-6,500	20.0 USD	American	20/03/2026
Common	Put Option	Sold	4,400	17.5 USD	American	16/01/2026
Common	Call Option	Sold	-9,600	7.5 USD	American	16/01/2026
Common	Put Option	Sold	24,900	7.5 USD	American	16/01/2026
Common	Put Option	Sold	1,600	12.5 USD	American	19/12/2025
Common	Call Option	Sold	-2,600	30.0 USD	American	16/01/2026
Common	Call Option	Sold	-13,400	10.0 USD	American	15/01/2027
Common	Call Option	Sold	-6,800	25.0 USD	American	19/12/2025
Common	Call Option	Sold	-34,200	5.0 USD	American	15/01/2027
Common	Call Option	Sold	-29,900	22.5 USD	American	16/01/2026
Common	Call Option	Sold	-10,800	17.5 USD	American	19/12/2025

3.             AGREEMENTS TO PURCHASE OR SELL

Full details should be given so that the nature of the interest or position can be fully understood:

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4.             RIGHTS TO SUBSCRIBE FOR NEW SECURITIES (INCLUDING DIRECTORS' AND OTHER EMPLOYEE OPTIONS)

Class of relevant security in relation to which subscription right exists:

Details, including nature of the rights concerned and relevant percentages:

It is not necessary to provide details on a Supplemental Form with regard to cash-settled derivatives.

The currency of all prices and other monetary amounts should be stated.

For full details of disclosure requirements, see Rule 8 of the Rules. If in doubt, consult the Panel.

References in these notes to "the Rules" are to the Irish Takeover Panel Act, 1997, Takeover Rules, 2022.

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